The Lakers completed the purchase of a five-acre property worth $80 million in El Segundo that will become the team’s independently-owned practice facility. The property is located at the northwest corner of Mariposa Avenue and Douglas Street and is expected to be completed by the spring of 2017. The Lakers currently practice at Toyota Sports Center, shared with the NHL’s Kings and a skating rink open to the public.

“With its proximity to the airport and beaches, clean air, diverse businesses, and wonderful community, El Segundo is the perfect place for us to be,” Lakers co-owner and president Jeanie Buss said in a statement. “We’ve been here for the past 15 years with great success, and we’re thrilled to secure the perfect spot to expand on that success and remain for many years as a part of this vibrant and growing area.”

The El Segundo City Council granted unanimous approval last month for the Lakers to build their new corporate headquarters, which will also include a 750-seat exhibition court and offices on the property that makes up part of the Elevon at Campus El Segundo development. The Lakers’ Development League affiliate, the D-Fenders, will also play their games at the new facility.

Mark Medina has been the Lakers beat writer for the Los Angeles Daily News since 2012. He also works as a Lakers insider for AM570 and is heard on national radio outlets, including The Dan Patrick Show, The Herd with Colin Cowherd, The Chris Mannix Show, Fox Sports Radio, CBS Sports Radio, Yahoo! Sports Radio and SB Nation Radio. Medina also appears frequently on Spectrum SportsNet and NBC4's "Going Roggin."